India is all set to witness its maiden formula one grand prix extravaganza today at the Budh International Circuit in Greater Noida.AIR correspondent covering the event reports that the spectacular event will begin to unfold at three this evening and will finish by five. When 24 Formula one drivers rev up their cars at 1,700 crore rupee over five kilometre Buddh International Circuit for the maiden Indian Grand Prix blockbuster race today, it will be a red letter day for Indian motor sports. India now has the honour of hosting a formula one Grand Prix, something not many countries can boast of.Some of the world's top F1 drivers – Michael Schumacher, Lewis Hamilton, Sebastian Vettel and Jenson Button – will display their talents and skills in navigating the hairpin bends at the virgin track that the hosts are so justifiably proud of. India's very own Force India will challenge the other top teams: Renault, McLaren-Mercedes, Red Bull and Ferrari, and their glamorous drivers. With the western economies dropping into a lower gear, India has become an important pit stop for the future of F1 as a sport, and the Bernie Ecclestone-led Formula One Management is aggressively looking for new spectators and sponsors in emerging economies.The new formula one world champion Sebastian Vettel of Red Bull yesterday scorched his way to the pole position while five drivers were imposed penalty for different breaches in the inaugural IndianGrand Prix qualifying session. The only Indian driver to race in the inaugural Indian Grand Prix, Narain Karthikeyan, was handed a five-place grid penalty for impeding German driver Michael Schumacher's car during the qualifying race. The penalty means that he will have to start from the last position. Force India's Driver Adrian Sutil managed to stick to the eighth position. Force India's second driver, Paul di Resta settled for 13th position. Apart from the two Hispania drivers, Renault's Vitali Petrov will also move five places behind his original qualifying position of 11th since he carried a penalty from the last race in Korea, where he had collided with Schumacher. McLaren's Lewis Hamilton and Sauber's Sergio Perez also were handed three-place grid penalties for ignoring double waved yellow flags on Friday. Perez will go to 20th from qualifying position of 17th and Hamilton to fifth from original second place. Petrov will start from 16th after ending 11th in Q2.